Bally’s (NYSE:BALY) Trading Up 9.9% – Still a Buy?

Shares of Bally’s Co. (NYSE:BALY) rose 9.9% on Monday . The stock traded as high as $11.80 and last traded at $13.08. Approximately 1,292 shares were traded during trading, a decline of 100% from the average daily volume of 360,961 shares. The stock had previously closed at $11.90.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on BALY shares. Citizens Jmp raised shares of Bally’s to a “hold” rating in a research note on Tuesday, March 18th. Stifel Nicolaus cut their target price on Bally’s from $17.00 to $14.00 and set a “hold” rating on the stock in a research report on Thursday, March 6th. Finally, Barclays lowered their price target on Bally’s from $18.00 to $14.00 and set an “equal weight” rating for the company in a research report on Monday, March 10th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $17.13.

Bally’s Stock Performance

The stock has a market capitalization of $612.44 million, a PE ratio of -0.84 and a beta of 2.14. The company has a quick ratio of 0.54, a current ratio of 0.56 and a debt-to-equity ratio of 15.62. The stock has a fifty day moving average of $16.38 and a 200-day moving average of $17.21.

Bally’s (NYSE:BALY) last announced its quarterly earnings data on Monday, March 17th. The company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of ($0.76) by $1.34. The business had revenue of $580.37 million during the quarter, compared to the consensus estimate of $589.83 million. Bally’s had a negative return on equity of 79.10% and a negative net margin of 30.04%. Equities analysts anticipate that Bally’s Co. will post -7.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bally’s

Institutional investors have recently modified their holdings of the company. Balyasny Asset Management L.P. increased its holdings in shares of Bally’s by 88.7% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,057,332 shares of the company’s stock valued at $18,916,000 after acquiring an additional 496,933 shares during the last quarter. King Street Capital Management L.P. acquired a new position in Bally’s in the third quarter valued at approximately $6,784,000. Nexpoint Asset Management L.P. increased its stake in Bally’s by 88.3% in the fourth quarter. Nexpoint Asset Management L.P. now owns 808,337 shares of the company’s stock valued at $14,461,000 after purchasing an additional 378,950 shares during the last quarter. Man Group plc purchased a new position in shares of Bally’s in the 4th quarter valued at $5,187,000. Finally, Eisler Capital Management Ltd. purchased a new stake in shares of Bally’s in the 4th quarter valued at about $4,699,000. 70.41% of the stock is owned by hedge funds and other institutional investors.

Bally’s Company Profile

Bally’s Corp. is a global casino-entertainment company with a portfolio of casinos and resorts and online gaming businesses. It operates through the following segments: Casinos & Resorts, International Interactive, and North America Interactive. The Casinos & Resorts segment consists of the company’s casino and resort properties, a horse racetrack, and a golf course.